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22 September, 01:45

You deposit $10,000 in a money-market account that pays an annual interest rate of 4.4%. The interest is compounded quarterly. How much money will you have after 2 years

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  1. 22 September, 04:05
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    Total = principal * (1 + rate/n) ^n*years

    where "n" is the number of compounding periods per year

    Total = 10,000 * (1 +.044/4) ^4*2

    Total = 10,000 * (1.011) ^8

    Total = 10,000 * 1.0914635699

    Total = 10,914.64
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